income tax

noun

: a tax on the net income of an individual or a business

Examples of income tax in a Sentence

Federal income tax will be deducted from your pay. The new law will lower income taxes for most taxpayers.
Recent Examples on the Web
Examples are automatically compiled from online sources to show current usage. Read More Opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback.
Trump has suggested cutting the corporate tax rate and has floated some income tax cuts too. Li Zhou, Vox, 6 Nov. 2024 Trump's plan would mostly help middle- and high-income retirees, given that low-income retirees often don't make enough to pay federal income tax on their benefits, according to tax experts. Aimee Picchi, CBS News, 5 Nov. 2024 One recent study finds that middle- and high-earning households move to non-income-tax states after large personal income tax hikes. Adam A. Millsap, Forbes, 5 Nov. 2024 Without changes from Congress, the income tax brackets will revert to 10%, 15%, 25%, 28%, 33%, 35% and 39.6% after 2025. Kate Dore, Cfp®, CNBC, 5 Nov. 2024 See all Example Sentences for income tax 

Word History

First Known Use

1799, in the meaning defined above

Time Traveler
The first known use of income tax was in 1799

Dictionary Entries Near income tax

Cite this Entry

“Income tax.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/income%20tax. Accessed 25 Nov. 2024.

Kids Definition

income tax

noun
ˈin-(ˌ)kəm-
: a tax on the income of a person or business

Legal Definition

income tax

noun
: a tax on the net income of an individual or a business compare excise, property tax
Last Updated: - Updated example sentences
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